Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers E > Headlines for EXCO Resources, Inc. > News item |
EXCO Resources ends 2014 with $586 million liquidity, plans cost reductions in 2015
By Lisa Kerner
Charlotte, N.C., Feb. 25 – EXCO Resources, Inc. president and chief operating officer Hal Hickey said the company’s “recent operational achievements and $586 million of liquidity provide us with the framework to lead the company through this challenging commodity cycle.”
The company was proactive in amending its credit agreement to provide it with liquidity, according to EXCO’s earnings news release.
In addition, the company “negotiated reductions in operating and capital costs and will continue to pursue further reductions,” said Hickey.
EXCO plans to reduce general and administrative costs, including a 15% reduction in the workforce, during 2015.
The company also plans to be opportunistic in evaluating acquisitions that meet its strategic and financial objections.
Financial highlights
EXCO generated cash flow from operations of $59 million in the fourth quarter. For the full-year 2014, cash flow was $309 million, down from $345 million for 2013.
Cash flow from operations was used to fund drilling and development programs.
EXCO’s board approved a $275 million capital budget for 2015. The Dallas-based oil and natural gas company expects to fund the budget with cash flow from operations and borrowings under its credit agreement.
At Dec. 31, cash and cash equivalents totaled about $46.3 million, and long-term debt totaled about $1.5 billion. EXCO had cash and cash equivalents of $50.5 million and long-term debt of $1.9 billion at the end of 2013.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.